Author: Legal Parivar

The Securities and Exchange Board of India (Sebi) has fined Vistra (ITCL) India Ltd ₹6 lakh for breaching the Sebi (Debenture Trustees) Regulations and various directives. The fine, issued on August 22, addresses several regulatory lapses related to the preparation and verification of asset-cover certificates. The Sebi order highlights that Vistra (ITCL) failed to conduct independent due diligence as required. The regulator’s November 2020 circular mandates that debenture trustees (DTs) must independently ensure the adequacy of assets securing debt securities. Key issues noted include: Additional violations involved the DT conducting activities prior to the execution of agreements, failing to update…

Indian Stock Market Continues Winning StreakOn August 22, the Indian stock market benchmark Nifty 50 extended its winning streak to six consecutive sessions, driven by positive global cues and expectations of a potential US Federal Reserve interest rate cut. The Nifty 50 closed up 41 points, or 0.17%, at 24,811.50, while the Sensex rose 148 points, or 0.18%, to end at 81,053.19. ICICI Bank and Bharti Airtel were among the top contributors to the index’s gains. RBI MPC Minutes Highlight Disinflation FocusThe Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) released minutes from its recent meeting, emphasizing the need…

The International Gemmological Institute (IGI) India, owned by Blackstone, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise ₹4,000 crore through an initial public offering (IPO). The IPO will consist of a fresh issuance of equity shares worth ₹1,250 crore and an offer-for-sale of shares valued at ₹2,750 crore by the sole promoter, BCP Asia II TopCo Pte Ltd, an affiliate of funds managed by Blackstone. IGI India specializes in the certification and accreditation of natural and laboratory-grown diamonds, studded jewelry, and colored stones, as well as offering educational programs. As the largest independent…

The year 2024 has proven to be a standout period for initial public offerings (IPOs) in India, with a surge of companies tapping into the primary market to raise capital. This wave of activity has been driven by favorable market conditions, increased investor confidence, and a strong appetite for new offerings. Following the COVID-19 pandemic, many companies had halted their fundraising plans. However, as market conditions improved, these efforts resumed in 2023, driven by robust participation from Indian retail investors. This influx of capital has fueled a significant increase in IPO activity. According to Trendlyne data, 209 companies, including SMEs…

PhonePe, a leading digital payments platform, has launched a new feature, ‘Credit Line on UPI,’ allowing consumers to link pre-approved credit lines from their banks directly to UPI for seamless payments across millions of merchants. Announced on August 22, this feature follows the Reserve Bank of India’s (RBI) recent decision to expand UPI’s capabilities to include pre-approved credit lines, known as ‘Credit Line on UPI.’ This development enables consumers to access and use credit through UPI apps, offering greater flexibility in their payment options. PhonePe highlighted that customers and merchants using the PhonePe Payment Gateway (PG) will benefit from this…

Krishna Janmashtami, marking the birth of Lord Krishna, will be celebrated on Monday, August 26, with great enthusiasm by Hindus around the world. Due to the festival, banks in several cities will be closed, as outlined in the Reserve Bank of India’s (RBI) annual bank holiday list. However, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain operational on Janmashtami. The trading holidays for the Equity Segment, Equity Derivative Segment, and SLB Segment are published annually at the beginning of the year, and Janmashtami is not listed as a trading holiday. The Multi Commodity Exchange (MCX)…

Zomato has officially announced the immediate closure of its ‘Legends’ service, which offered iconic dishes from 10 cities across India. This decision follows an earlier suspension of the service this year. Originally launched as an intercity food delivery service, ‘Legends’ aimed to bring “legendary” dishes from various regions to customers nationwide. Zomato CEO Deepinder Goyal confirmed the shutdown in a tweet on X, stating, “After two years of trying and not finding product-market fit, we have decided to shut down the service with immediate effect.” Despite considerable efforts to make the service viable, Zomato ultimately decided to discontinue ‘Legends’ due…

In a significant move, Holderind Investments Ltd, a key promoter group entity of Ambuja Cements, has launched a block deal to offload a 2.84 percent stake in the company, aiming to raise $500 million, according to a report by Moneycontrol. The floor price for the block deal has been set at Rs 600 per share, which marks a 5 percent discount from Ambuja Cements’ last closing price of Rs 631.80 per share on August 22. This comes after a remarkable 38 percent rise in the company’s stock price over the past year, underscoring its robust performance in the market. Investment…

Byju’s, a prominent Indian ed-tech company once valued at $22 billion in 2022, is facing potential insolvency, which could lead to one of the largest disruptions in India’s startup sector. Thousands of anxious employees are now struggling to recover unpaid wages and secure their careers, according to a Reuters report. The company, which gained popularity during the COVID-19 pandemic by offering online courses, is currently in a dispute with U.S. lenders over $1 billion in unpaid debt. As a result, Byju’s board has been suspended, and its assets have been frozen. India’s Supreme Court recently rejected Byju’s plea to halt…

On August 21, SJVN share price fell to an intraday low of ₹136.51 on the National Stock Exchange (NSE), a decline of 1.46 percent from the previous close. This drop followed Goldman Sachs’ reaffirmation of its ‘Sell’ recommendation for the state-owned hydropower company. Goldman Sachs set a new target price of ₹85 per share for SJVN, an increase from their earlier target of ₹75 per share. The updated target indicates a potential downside of 38 percent from the current trading levels. Goldman Sachs is one of only two analysts with a “sell” rating on SJVN stock, while three other analysts…